A look at some of the week’s best chats and charts on CEO.CA, a community and platform for Canada’s venture stock markets.
After a strong start to 2019 the TSX-Venture spent much of last week pulling back after running into an area of previous support:
TSX-Venture Composite (Daily - 1 Year)
However, there were plenty of opportunities beneath the surface for opportunistic traders/investors.
The above comment from Martin was posted before the market open on Tuesday, February 5th when AU shares were still halted. The stock would go on to open at $1.12 and trade as high as $1.34 a couple of hours later (this gif of CEO.ca/Pro Market Depth illustrates the level 2 action on February 5th in AU, notice how the bids build as price rallies up to $1.34) before consolidating in the mid-$1.20s for the rest of the week:
Last weekend @stateside posted a new report on Colombian conglomerate gold play MAX Resource Corp (TSX-V:MXR):
It turned out that stateside was onto something with MXR as the stock opened Monday at $.185 and proceeded to charge higher the rest of the week, more than doubling from its Monday morning opening price!
Friday morning stateside pointed out how useful the CEO.CA/Pro level 2 and market depth depictions were with viewing the price and volume action in MXR:
Most of us who have used CEOPro for a while have come to take for granted how much easier it makes our lives and how useful it can be in identifying potentially critical turning points in stocks. One can often begin to see bids/offers stacking at key price levels just before a breakout/breakdown takes place.
One such situation of interest is beginning to take shape in a stock that I own, Vendetta Mining (TSX-V: VTT), which has been banging its head on the $.14 level for the last several days as bids stack up just below the current market price:
With bids building and the offer at $.14 steadily getting chewed through one has to wonder what will happen if the big seller (RCF?) finally runs out of shares.
The volume on the weekly VTT chart is notable and a breakout from the long term downtrend (over $.16) should probably be enough to trigger a move at least back into the low $.20s:
I am long VTT shares and I have been bidding for more shares.
Sometimes CEO.ca users deliver tremendous value to other users by making value added comments (with objective and timely insights) and/or blog posts. Another such recent example came in the form of a blog post (which included a video) by @MiningBookGuy in which he pounded the table on shares of Sarama Resources (TSX-V:SWA), saying that SWA was a buy “for an immediate re-rate” at $.05 per share. As it turns out his timing was excellent as the stock has since jumped 50% in the span of less than two weeks.
Actionable and timely insights such as those from @martin, @stateside, @HRA-Coffin, and @MiningBookGuy add tremendous value to other CEO.ca users and offer an exemplary example of how best one can give & receive value on the CEO.ca platform.
Chart master @Ty posted a series of nice charts this week - I have selected two that stood out to me including a monthly breakout in the chart of Pure Gold Mining (TSX-V:PGM):
PGM ended up closing the week at fresh multi-year highs amid a 4-week winning streak on above average trading volume. We like to see volume confirm price breakouts as Ty made a point to make note of in the above chart.
Ty also pointed out a potential head & shoulders bottom pattern in the weekly chart of Barrick Gold (NYSE: GOLD):
Considering that Barrick is one of the two mega-behemoth gold miners in the world today (Newmont Goldcorp being the other), a long term chart pattern upside breakout speaks well to the health of the gold mining sector overall.
DISCLAIMER: The work included in this article is based on current events, technical charts, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decision based solely on what you read here. This publication contains forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The views expressed in this publication and on the EnergyandGold website do not necessarily reflect the views of Energy and Gold Publishing LTD, publisher of EnergyandGold.com. This publication is provided for informational and entertainment purposes only and is not a recommendation to buy or sell any security. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions. Junior resource companies can easily lose 100% of their value so read company profiles on www.SEDAR.com for important risk disclosures. It’s your money and your responsibility.